[Marxism] Another defeat for labor
gkissack at nyc.rr.com
Sat Aug 18 12:37:29 MDT 2012
> The deal the workers ratified contained far-reaching concessions, including the wage freeze, a pension freeze for the more senior two-thirds of the workers and a steep increase in what the workers pay toward their health care insurance. It also called for a $3,100 ratification bonus, which union officials said Caterpillar agreed on Thursday to increase from $1,000.
The worst aspect of this is the pension freeze, in which Caterpillar will stop contributing to the pension system. The workers will still get whatever pension benefits they've accumulated, but that's it. For those who still have years before they retire, it will mean a sharply reduced annual pension. An increasing number of companies, including many that are doing quite well, have frozen pensions. This is a one-sided class war.
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